Bitcoin IS the New Gold
In celebration of the Chicago Mercantile Exchange’s (CME) launch of two new bitcoin indexes (BRR & BRTI), FintekNews is comparing the price of bitcoin and gold on a daily basis.
Trading Notes for Tuesday, 3/3/17:
- Bitcoin hits new all time high
- Near term price target remains $1300-$1350
- SEC decision on bitcoin ETF next week (March 11); if no, or pushed back, expect bitcoin selloff
- Gold has more downside than any upside potential; to many bulls in a crowded trade
- Remain LONG Bitcoin/SHORT Gold………….super trade.
Bitcoin vs. Gold Daily Pricing Chart
* Prices are from CME’s BRR index as of 4:15 EST; gold as of 4:15 EST near term future
** Inception began Aug. 17, 2016 (see FintekNews article)
CME CF Bitcoin Reference Rate & CME CF Bitcoin Real Time Index
We wrote an article (8/17/16) going on the record saying bitcoin will outperform gold throughout the future. The chart above compares the pricing on that date to the two most recent trading days, as reference. We at FintekNews have written (and are on record) of saying that bitcoin will outperform gold in the future.
Please see following FintekNews articles for reference on pricing in graph:
By Bill Taylor-CEO, FintekNews & CIO, TLC Capital Group